UPDATE: Bank of America Merrill Lynch Moves to No Rating on Greenbrier Companies

In a report published Wednesday, Bank of America Merrill Lynch moved its rating on Greenbrier Companies (NYSE: GBX) to No Rating.

BofA Merrill Lynch noted, “We are moving to No Rating on The Greenbrier Companies (GBX) following American Railcar and Carl Icahn's bid of $20 per share for GBX. This marks a 5% premium to last night's close ($18.97), but a 43% premium to its November 12, 2012 close, the day before Carl Icahn disclosed his 9.99% stake in GBX. As a result of the pending transaction, the company's investment thesis is, in our view, no longer driven on pure fundamentals. Investors should no longer rely on our previous opinions or price objectives.”